Lew Dickey Forfeits Some Cumulus Shares

February 11, 2010 at 8:04 AM (PT)

An earlier report that CUMULUS Chairman/CEO/Pres. LEW DICKEY had sold 26,650 shares of CUMULUS MEDIA at a price of $2.47/share, for a total value of $65,825, was inaccurate.

DICKEY told ALL ACCESS, " It specifically states on the Form 4 that these shares are forfeited not disposed. What this means is the following: As part of my compensation, I receive restricted shares which vest periodically over time, so this will happen again. When they vest, the company 'holds back' a requisite number of shares, similar to payroll withholding. They are withheld to pay income taxes on the shares received. I have not sold any shares, and if I did, they would be properly notated in the Form 4 as 'D' for disposal, not 'F' for Forfeit."